沪指惊人10连阳，券商缘何缺席？

Core Viewpoint - The A-share market is experiencing significant activity, with the Shanghai Composite Index nearing 4000 points and a trading volume of 2.14 trillion yuan, indicating sustained market enthusiasm as the year-end approaches [1][8]. Market Performance - The brokerage sector is relatively active, with the leading brokerage ETF (512000) showing a slight upward movement in the afternoon, driven by popular sectors, despite a late-session pullback [1][8]. - The brokerage ETF has only seen a modest increase of 3.04% year-to-date, significantly lagging behind the broader market indices, which have shown much higher gains [3][10]. Sector Analysis - The brokerage sector's price-to-book ratio (PB) stands at 1.5 times, which is at a low level compared to the past decade, indicating a disconnect between high growth in earnings and stock performance [3][10]. - The performance of 49 brokerage stocks is mixed, with some stocks like Huayin Securities rising over 3%, while others like Guotai Junan and CITIC Securities have seen declines [2][8]. Future Outlook - Multiple positive catalysts are expected for the brokerage sector, including regulatory support for leading firms, enhanced business structures, and a focus on high-quality development, which may improve long-term valuation [5][12]. - The sector is anticipated to benefit from a favorable regulatory environment and a focus on capital market reforms, which could enhance investor confidence and drive up valuations [6][12]. Investment Tools - The brokerage ETF (512000) serves as an efficient investment tool, tracking the performance of 49 listed brokerage firms, and has maintained a high average daily trading volume of over 1 billion yuan this year [13].